by The Peripheral Neuropathy Treatment Market involves treatment options for damage or dysfunction of peripheral nerves outside of the brain and spinal cord. Peripheral neuropathy often damages the protective covering (myelin) of nerves and can interfere with nerve signaling and communication. Some common symptoms include numbness, tingling, pain, and weakness. It is commonly caused by diseases like diabetes, which affects nerve function through high blood sugar levels over long periods of time. Various treatment options aim to alleviate symptoms through pain medications, anticonvulsants or antidepressants that affect nerve signaling and blocking pain signals in the brain. Supplements containing alpha-lipoic acid may also help with symptoms.
The global Peripheral Neuropathy Treatment Market is estimated to be valued at US$ 1863.31 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One key trend in the Peripheral Neuropathy Treatment Market is the growing adoption of biosimilar drugs. Biosimilars are biological products that are approved based on showing they are highly similar to an already FDA-approved biological product known as the reference product. As patents expire in the coming years for many blockbuster drugs used to treat peripheral neuropathy, particularly those for diabetes conditions, biosimilar drugs are anticipated to capture a major share of the market. Biosimilars provide the same clinical benefits as their reference products at a fraction of the price, making them more accessible and affordable options to treat peripheral neuropathy symptoms. This increased competition from lower-cost biosimilars is predicted to enable more patients to access important treatment options.
Porter’s Analysis
Threat of new entrants: Low barrier of entry as technology and expertise is readily available but capital investment is high and patent protections provide an advantage to existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative treatment options but buyers have less choice at competitive prices.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material sources and economies of scale provide buyers leverage in negotiations.
Threat of new substitutes: Low threat as no revolutionary new substitutes have emerged that can provide better outcomes than existing treatment options.
Competitive rivalry: Intense competition exists among existing players to develop new advanced drugs and gain higher market share.
Key Takeaways
The Global Peripheral Neuropathy Treatment Market Demand is expected to witness high growth. The global Peripheral Neuropathy Treatment Market is estimated to be valued at US$ 1863.31 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
North America is expected to dominate the market during the forecast period owing to increasing prevalence of diabetes in the region. Europe is also estimated to account for a major share in the market due to rise in research funding for neuropathy treatment. Growing geriatric population, improving healthcare infrastructure and increasing diabetic population are some factors driving the market growth. China and India are expected to offer lucrative opportunities due to large patient pool suffering from neuropathy.
Key players operating in the peripheral neuropathy treatment market are Abbott Laboratories, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Johnson & Johnson, Dr. Reddy€TMs Laboratories Ltd, Pfizer, Inc., Cipla Inc., Lupin Limited, Averitas Pharma, Inc., and NeuroBo Pharmaceuticals, Inc. Abbott Laboratories is one of the leading players offering wide range of neuropathy treatment drugs. In 2022, the company launched Navify Subcutaneous infusion system for post-herpetic neuralgia treatment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
